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As simple as possible: 00 level trading

  • #24,601
  • Dec 12, 2014 4:48am Dec 12, 2014 4:48am
Quoting piphunt3r
{quote} Yes it was a harmonic pattern. {image} {image}
Attached Image


I get a bit confused over these defnitions.

Taking the bat pattern as the example

AB = between 38.2% and 50.0% of XA
BC = between 38.2% and 88.6% of AB
CD = between 161.8% and 261.8% of BC
AD = 88.6% of XA

Is this right?
  • #24,602
  • Dec 12, 2014 4:49am Dec 12, 2014 4:49am
EU to TP

This one was a bit cheeky, I was hovering on the Buy Stop from about -15 secs to the new candle, trying to get in at 1.24300.
I entered the trade at about -5 secs to the new candle. Price went to 1.24300 immediately and triggered the Buy, then pulled back leaving the new candle and indicator as below, then TP
Attached Image


Attached Image


PU
  • #24,603
  • Dec 12, 2014 4:51am Dec 12, 2014 4:51am
Quoting piphunt3r
{quote} Yes it was a harmonic pattern. In this case a AB=CD pattern It is another tool in the toolbox to decide if it is a high probability entry or not. I don't enter simply because i see a pattern forming. Many other conditions have to be also in my favour. And i always enter a trade based on Udines entry rules. There is an interesting thread about harmonics on forex factory: http://www.forexfactory.com/showthread.php?t=402253 Below you see some common harmonic patterns {image} {image}
Thank you again.
Porta itineris dicitur longissima esse
  • #24,604
  • Dec 12, 2014 4:53am Dec 12, 2014 4:53am
Quoting Udine
{quote} its not controversial at all... its all in the guidelines, and if its not the first 00 level, then its a no trade.. Udine
OK Udine, thank you for confirming it.
Porta itineris dicitur longissima esse
  • #24,605
  • Dec 12, 2014 4:57am Dec 12, 2014 4:57am
Quoting numberman
{quote} I use 15M rules.
I havn´t a signal with M15!

Greetz Michael
  • #24,606
  • Dec 12, 2014 5:02am Dec 12, 2014 5:02am
take ur bats and play in another field ... its nothing to do with Udines method
Whats That? you're trading What?
  • #24,607
  • Dec 12, 2014 5:03am Dec 12, 2014 5:03am
Don't trade the system mechanically.

Look how the chart below gives you a hint before it shoots to the upside.

And once again a magic udine entry appears right before.
Attached Image (click to enlarge)
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  • #24,608
  • Dec 12, 2014 5:04am Dec 12, 2014 5:04am
[quote=pgpb;7938918]I understand the one hour method and have successfully traded it with a larger spread broker...

Probably you are very lucky...

In a number of post I read what should be the percentage of successes working with this system. But estimates have not seen yet, so I've done the calculations myself. I think there is something to think about.

In clarity of the calculation I did not use trailing stop, in any case, it still increased the percentage of commission paid.
Attached Image (click to enlarge)
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  • #24,609
  • Dec 12, 2014 5:10am Dec 12, 2014 5:10am
Udine, I would like to ask, what is your commission + spread average per trade, in pairs you trade?
  • #24,610
  • Dec 12, 2014 5:12am Dec 12, 2014 5:12am
Quoting Qed
take ur bats and play in another field ... its nothing to do with Udines method
Yes its only another tool to decide if the udine setup is high probability or not.

Like you look for support and resistance before entry for example.
  • #24,611
  • Dec 12, 2014 5:14am Dec 12, 2014 5:14am
Quoting Hoffi4201
hey guys, I did my first trade on UJ (5 pips below 118,500) this morning and it worked very well. But I am wondering if it would be according to the rules to also trade the very next level (118,400)? I hope I am not bothering you with the question but I didn't find the answer in this thread at all. Thanks. {image}
Hello Hoffi, congrats on your first trade.
If you didn't find the answer to this question i am sure you didn't even read the first 1 page...
Persistence will get it. Consistency will keep it.
  • #24,612
  • Dec 12, 2014 5:18am Dec 12, 2014 5:18am
[quote=Topro;7939919]
Quoting pgpb
I understand the one hour method and have successfully traded it with a larger spread broker... Probably you are very lucky... In a number of post I read what should be the percentage of successes working with this system. But estimates have not seen yet, so I've done the calculations myself. I think there is something to think about. In clarity of the calculation I did not use trailing stop, in any case, it still increased the percentage of commission paid. {image}
As you can clearly see there are many factors to consider.....

The most important of which is to make 2 high probability trades and then stop trading for the day.

Once you are consistent over at least a few weeks then possibly consider adding another trade per day.

If you or anyone else lacks the consistency then you will come un-stick very very fast due to GREED!

Carefully executed trades are fundamental to your success in this trading method.

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #24,613
  • Dec 12, 2014 5:33am Dec 12, 2014 5:33am
EU to TP
H1 trade
Attached Image

just went to make a coffee and this greeted me on my return
PU
  • #24,614
  • Dec 12, 2014 5:43am Dec 12, 2014 5:43am
Quoting mwsteiner
{quote} I havn´t a signal with M15! Greetz Michael
can you make it clear for me.
  • #24,615
  • Dec 12, 2014 5:44am Dec 12, 2014 5:44am
[quote=Masterrmind;7939958]
Quoting Topro
{quote} As you can clearly see there are many factors to consider..... The most important of which is to make 2 high probability trades and then stop trading for the day. Once you are consistent over at least a few weeks then possibly consider adding another trade per day. If you or anyone else lacks the consistency then you will come un-stick very very fast due to GREED! Carefully executed trades are fundamental to your success in this trading method. Good trading, Masterrmind.............
I understand what you want to say.

Certainly, 2 are correct Traders are good, but if a day will 2 at a loss to?
Very good system, but It is not enough to blindly follow rules that can be profitable to work with this system.

Thank you.
  • #24,616
  • Dec 12, 2014 5:55am Dec 12, 2014 5:55am
[quote=Topro;7940038]
Quoting Masterrmind
{quote} I understand what you want to say. Certainly, 2 are correct Traders are good, but if a day will 2 at a loss to? Very good system, but It is not enough to blindly follow rules that can be profitable to work with this system. Thank you.
The point is you choose your trades wisely and of course as stated several times the rules are to guide you.

It is also suggested that should you have 4 losses in a row then better you stop trading for the day.

I think for a trader just starting out in this method that they should limit their risk when trading live.

I use 2-3% risk per trade ....sometimes a little more and many times less........

Perhaps for a "new" trader to this method they should limit risk per trade to 0.5% until they reach consistency.

If they cannot reach consistency within a few months then they have the option to "demo" trade until their skill set improves and then return to live trading again or to simply move on.

There is little point in trying to force a method to work for you if your trading psychology differs greatly..... best to let it go.

The individual trader has the ultimate control so it is hoped that they make the right decision!

Good trading,

Masterrmind..............
Master your Mind then Master your Trades
  • #24,617
  • Dec 12, 2014 6:22am Dec 12, 2014 6:22am
EJ to TP

Had buy stop ready for 147.500, but price pulled back in the last few seconds of candle, so i went for manual buy.
Attached Image

Am I getting too pushy here?

PU
  • #24,618
  • Dec 12, 2014 6:23am Dec 12, 2014 6:23am
Was that a good / correctly entry?

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  • #24,619
  • Dec 12, 2014 6:25am Dec 12, 2014 6:25am
Quoting Kubiasty
Was that a good / correctly entry? {image}
I was to late...

Greetz Michael
  • #24,620
  • Dec 12, 2014 6:41am Dec 12, 2014 6:41am
Quoting mwsteiner
{quote} I was to late... Greetz Michael
I think we were all late, it dipped below 147.50 for a couple of seconds, I didn't fancy waiting for the next 00 level because of the big preceding candles, but it would have worked out from the 00
Attached Image (click to enlarge)
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Just glad that we got paid .

PU
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